Upgraded Consumer Demands

People’s Daily June 25

Many consumers have had the experience of failing to find a product that satisfies their customized needs. For instance, a Beijing resident recently searched all e-commerce websites for an automatic washing machine for infants’ clothes, but could not find one that met her specifications.

As living standards improve in China, consumers have developed higher demands for products. For instance, there have been media reports in recent years about Chinese tourists going to Japan to buy toilet seat covers and electric rice cookers which they believe to be of better quality than domestic ones. The integration of the Internet, Big Data and artificial intelligence with manufacturing has also given rise to new business models and demands such as the need for intelligent home appliances.

Consumers’ upgraded needs provide important opportunities for China to deepen its supplyside structural reform and the transformation of its manufacturing industry.

Enterprises need to be able to detect and take advantage of consumers’ upgraded demands to make profit.

Enterprises should then decide on the right time to come up with new products. If they start too early, it will be difficult to cultivate the market. However, if they begin too late, they may face fierce competition. They should also use Big Data analysis to grasp market demands and reduce the risks of industrial upgrading. They should boldly try to upgrade their products and achieve high-quality growth to meet consumers’ needs.